Just recently the central bank of Nigeria announced that all cash currently in circulation was officially worthless. Then after some intense rioting broke out it looks like just today they rolled it back and will allow 60 days to turn cash in for credits. Wild.
Money as we know it is completely failing, and there isn't going to be a redo this time like there has been so many times before. Crypto is simply going to take over, and when it does it will become fully entrenched and they'll never be able to control money ever again. I guess it's all happening just as the prophecies have foretold. Who'd a thunk it.
The elephant in the room is that it was nothing but FUD FUD FUD FUD FUD FUD from the establishment and the regulators, and then what happens? The price spikes out of nowhere. That was quite the signal we just had, and many are still ignoring it, opting to remember the pain of the FTX contagion instead.
You know me, I always like to put my tin foil hat on and make ridiculous claims like the elite is buying Bitcoin and they wanted to scare people into selling with all that FUD so they could buy it all up and pump the price later. Even if that's not what's happening (which is most likely) a 4-year cycle repeat of 2019 is going to put us around $50k in June regardless of other speculatory events.
I decided to buy a tiny bit of Hive here at the MA(200). Increased my buy orders on the internal market to the MA(50) at 0.372. As we can see, the MA(50) is moving up quite a bit faster than the MA(100) and the current angle is like 30 degrees. IMO this will make a good support line going forward, and it's moving up pretty quickly at the moment. I get the feeling I'm going to regret not buying at 40 cents. No matter... Hive is my biggest bag I can't lose if the price goes up, that's for damn sure.
Looking at current price action the MA(200) is no longer acting as resistance or support, but instead the price is oscillating around it. Obviously we would prefer it to act as support instead of getting this oscillating sine wave, but it sure as hell beats acting as resistance like I was previously worried about.
You can tell because I never look at hourly candlesticks unless things get insane like this. Volatility and volume are really aggressive right now even though it was a pretty boring crab walk from FEB 9 to FEB 15. Someone poked the hornets nest for sure.
I think as long as we stay above $23k we are in a madly bullish position, although goddess moon may come to slap us around after the 20th. Although the 2-week cycles seem to be very washed out compared to all this other random action that's been happening over the past few months so maybe I'll give it a rest.
LEOfinance launched the alpha test on the Twitter clone and it's working out quite well. It's pretty impressive and pretty fast, and it does indeed look exactly like Twitter, which is somehow satisfying in a certain way I can't explain. I've been getting shit for spending so much time on Twitter these days and many ask why I'm not threading it up. Honestly the entire point of Twitter for me was to reach a larger audience and interact with the rest of the crypto world, but it's quite obvious that I've been thrown into some kind of shadow-ban situation for quite some time now (that was only deactivated for a few days when Musk took over and I was actually getting new followers every day).
I will likely start using threads soon™. Might be a bit of an echo chamber with so few users, but there are some big plans on the table to get more users so that will be quite interesting if it all plays out as expected. I'll probably have to do an entirely separate post on threads some other day but for now I'll just leave it at that.
You know what Monero really needs? A decentralized exchange that gives it liquidity that can't be taken away by regulators.
I just found out an hour ago of a DEX that does exactly this, and it's very exciting. Of course the project is very new and untested, but it seems like the Monero community is seriously giving the project the support it requires to actually work and get the bugs ironed out.
A friend of mine told me to buy the exchange token right at the genesis block... and I didn't because I was still reeling from the bear market. Yields on the LPs are still insane (some of them over 1000%) so it's one of those situations where the token is so new it's unclear if it will actually be sustainable or a rug pull or whatever, which is why I don't want to call it out by name. In any case if I had bought when I was told I would have at least 10xed my stack, but even at this 10x higher price I still think it might be worth a small risk. If I actually end up rotating into this product I'll do a full report on it in another post.
However, the best way to hedge without accepting any of the risks of a DEX like this is to simply buy and hold Monero's XMR. If the DEX actually works it will be possible to atomic swap XMR with BTC and will basically make all mixing and tumbling services obsolete. All coins on the exchange will become pseudo-anonymous because of the XMR listing, which is crazy to think that it would actually happen and quite possibly even be a huge part of the narrative of the next bull run.
When the regulators realize there is absolutely nothing they can do they're going to lose their damn minds. For example, a Bitcoin mixing service is centralized... it's basically just a niche exchange that trades Bitcoin for mixed Bitcoin. This makes it easy for regulators to hunt down the operators and throw them in jail for providing financial privacy to random entities.
If this exchange actually works... it's going to make over a dozen currencies private (including Bitcoin) and there's not a damn thing the regulators or the analyzers can do about it. Exchanges like this will become a thing of legend in the face of regulatory overreach, and there's very little governments can do to stop it. Exciting times. Terrifying times. Desperate people do desperate things. Steel yourselves.
This post was really all over the place, but so is the world right now. Time is speeding up, and it's hard to keep up with all the crazy stuff going on. The Titanic is sinking, and these crypto lifeboats may be our only salvation that keeps us dry and out of the icy water.
